London should be able to spend more of the revenue raised in the city, it has been claimed.
Gerard Lyons, who is the new financial advisor to London mayor Boris Johnson, believes that this would help benefit the British economy as a whole.
Millions of pounds are raised from tourists visiting the capital each year, so there is a lot to be said for investing in the attractions, event spaces and party venues London has to offer.
In a speech cited by independent.co.uk, Lyons outlined the need for the capital to keep up with progress in the world’s other major cities.
He said: “The danger is that when you’ve got a world economy where much of the growth is in the east where the west is still coming to terms with the financial crisis that if you don’t get the regulatory framework right you could see the city of London stagnating or suffering. If it were to shrink then that would be a big problem.”
Telegraph.co.uk reports that Lyons also believes Londoners should be able to keep more of their taxes. This was a key issue that Boris Johnson pledged to fight for in his re-election campaign last year.
Currently, a fifth of Londoners’ taxes fund other parts of the UK.